Equity Bottom-Up

• OpenAI and NVIDIA announced an audacious alliance under which the latter will invest $100 billion in the former
• That investment will be staged to coincide with each completed gigawatt of compute capacity, up to ten gigawatts in total, which the two companies are planning to jointly install
• Is this NVIDIA cutting out the middleman and setting up their very own private hyperscale enterprise to lease their GPUs directly to OpenAI? Uh oh!

• A significant production impact from the suspension of its Grasberg Block Cave mine in Indonesia, following a deadly mud rush incident, could lead to a spike in copper prices.
• The force majeure in the Freeport Mcmoran (FCX US) mine will take out 700,000 tons of annualized production in the foreseeable future (>2.5% of global copper production).
• Copper players like Southern Copper (SCCO US), Antofagasta PLC (ANTO LN), and Teck Resources (TECK US) would be beneficiaries, while Freeport Mcmoran (FCX US) could be significantly affected.

• Copper & Gold Torque: Zijin has crossed US$100bn market cap as copper tops US$10,300/t and gold nears US$3,770/oz, with shares up ~60% in 3M and ~83% in 12M.
• Spin-Off Catalyst: Zijin Gold International IPO raised US$3.2bn at HK$71.6/sh; on our quality-weighted view, fair value is ~US$38.5bn EV vs ~US$24bn at IPO.
• Valuation Upside: 2027E SOTP points to HK$34.8/sh base (+12%), HK$38–39/sh spot (+25%), and HK$39–41/sh bull (+30%); detailed Zijin Gold valuation in our companion report.

• Alibaba Group has announced an aggressive expansion of its artificial intelligence ambitions, earmarking over $50 billion in new AI and cloud investments over the next three years—an amount greater than its entire spending over the last decade.
• This significant push is aimed at positioning the company at the forefront of Asia’s generative AI and cloud infrastructure race.
• Central to this effort is the launch of its next-generation large language model, Qwen3-Max, following the success of Qwen2.5, which already has over 90,000 derivative models globally.

• Manulife Financial’s second-quarter 2025 earnings call provides a comprehensive view of the company’s performance and strategic direction.
• The quarter was marked by promising growth in several areas, alongside some challenges that need addressing.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• China announced game approval for the September batch. The number of games approved remained at a higher level than 2023.
• The pace of China game approval appears to have accelerated to the same level as pre-tightening.
• Both Tencent and Netease received approval for one game in September. 

• Glencore’s dual role as competitor and gatekeeper shifts bargaining leverage, making deal terms contingent on a rival’s consent.
• Cross-Continental reviews across Canada, Chile, and beyond create compounding risks of serial delays, amplified by political sensitivities over copper’s strategic importance and public opposition to foreign takeovers.
• The option of counterbids or merger breakup invites activists and bidders, fuelling uncertainty and volatility 

• FactSet Research Systems delivered strong fourth quarter and full-year fiscal 2025 results, reflecting its continued resilience and capability to navigate shifting market conditions.
• The firm reported a 5.4% revenue growth rate to $2.3 billion for the fiscal year, and highlighted a significant increase in organic Annual Subscription Value (ASV), with the fourth quarter seeing the largest ASV addition in its history at $81.8 million.
• This ASV growth, especially notable at 5.7% sequentially, signals robust demand for FactSet’s offerings, particularly in wealth and asset management sectors, driven by an increasing appetite for data solutions.

• Earnings Growth: Non-resource engines (Food, FamilyMart, ICT, Textiles) compounding at double-digit rates; mid- to high-single-digit EPS growth outlook.
• Valuation: Trades at ~13× FY2026E P/E, in line with peers, offering steady TSR without a valuation premium.
• Capital Returns: ¥200/share dividend + ¥150 bn buybacks underpin 40–50% payout; EPS uplift from share reduction.

• Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.
• Margin strength: >50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.
• Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.

• Alibaba (9988 HK) launched Qwen3-Max, its largest LLM to date, along with a suite of Qwen3 models and technical upgrades at its annual flagship conference, reinforcing its full-stack AI ambitions.
• The stock has surged nearly 50% month-to-date, fueled by investor optimism over AI-related upside, since the August 29 investor call.
• Investors now await proof that execution and performance will deliver on Alibaba’s bold technical claims and high market expectations.

• Copper earnings leverage: Equity-method stakes in Collahuasi and Anglo Sur mean every +10% copper move adds ~¥25–30 bn net income (~3% EPS), giving Mitsui underappreciated upside torque.
• LNG stability & cash flows: Long-term contracts in Mozambique, Cameron, Qatar, and Sakhalin underpin resilient earnings and support ¥400 bn annual buybacks (~5% equity).
• Valuation: P/B discount vs Itochu has closed (~1.1× each), but Berkshire’s ≥10% stake enforces capital discipline; TSR outlook is 6–9% CAGR through FY28, with copper strength providing double-digit upside.

• Shiga Bank is well-leveraged to Japan’s rate hike cycle and regional revitalization strategy, with higher market-rate loan exposure than peers, enabling stronger earnings sensitivity to rising rates.
• Core profitability is improving, driven by double-digit NII growth and rising NIMs. A CET1 ratio of 14.0% supports capital returns, selective M&A, and ¥700bn in planned loan growth through 2029.
• Despite a +63% YTD rally, shares remain undervalued at 0.7x P/B. Our target of ¥7,850/share implies ~+20% upside, supported by improving RoE, operational efficiencies, and capital deployment.

• Cycle turning: Q1 FY25 marked the trough; Q2 guidance implies +30% revenue and +46% OP rebound, with Q3 set to extend the recovery.
• Enterprise SSDs anchor profits: ~70–75% of EBITDA tied to AI/cloud workloads, cushioning volatility in PCs and smartphones.
• Even after a ~50% rally since September, Kioxia trades at ~5–6× EV/EBITDA vs. peers at 9–12×; sponsor selldowns and NAND ASP volatility could test the rally.

• Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Suzuki and short Toyota targets a 9% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Tokai has sold its lossmaking German electrode unit, cut global electrode capacity by 25%, and acquired Bridgestone’s 180ktpa Thai carbon black plant — actions that remove EBIT drag 
• These moves could lift FY27 EPS from ~¥92 (base case) to ¥125–130 (+35–40%), with margins rising toward 9–10% versus 5.5% in FY24. Q1 FY25 already (OPM 8.9%).
• Shares remain flat at ~¥1,000 (0.8× P/B, 19.6× FY25E P/E falling to 8.8× FY28E), leaving room for re-rating if Tokai delivers sustained >8% margins over the next 2–3 quarters.

• AEM is a key solutions provider in the semiconductor back-end testing process, with a strong historical reliance on its main customer, Intel. The company is currently at a pivotal point, aiming to diversify its customer base and capitalize on the growing demand for advanced semiconductor testing, particularly in the AI and HPC sectors.
• Recent financial performance has been mixed, with a significant revenue and net income decline from a 2022 peak, but showing signs of recovery in the first half of 2025. The company’s ability to successfully ramp up production for new customers and manage its reliance on Intel will be critical for future growth.
• Leadership changes, including the recent appointment of a new CEO, introduce both opportunities for strategic shifts and risks related to management stability. Investor confidence will likely hinge on the new leadership’s ability to execute on the diversification strategy and deliver consistent financial results.

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• Big Tech is throwing hundreds of billions of dollars at the AI boom and neocloud providers, who are building AI data centers, are central players.
• I wrote a Research piece about Nebius two months ago. Since then, its stock has doubled, thanks in part to a $17.4 billion contract with Microsoft.
• I took a close look at the deal, ran some scenarios, and came across IREN, a promising but lesser-known company that’s trying to follow the same playbook

• LIC Housing Finance (LICHF) holds a strong position as one of India’s largest housing finance companies, benefiting significantly from the brand equity and extensive network of its parent, Life Insurance Corporation of India (LIC).
• The company has demonstrated robust growth in net income and operating cash flow over the past three years, driven by strong demand in the Indian housing market and a strategic focus on the salaried customer segment.
• While facing intense competition from banks and other housing finance companies, which puts pressure on margins, LICHF is strategically diversifying into higher-yielding segments like project finance and Loan Against Property (LAP) to support future profitability.

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• M Dias Branco is the undisputed market leader in Brazil’s cookies and pasta segments, possessing a vast portfolio of well-recognized brands and an extensive nationwide distribution network.
• The company is exposed to significant commodity price volatility, particularly wheat, and currency fluctuations, which can pressure margins. However, a vertical integration strategy, including its own mills, helps mitigate some of this risk.
• After a period of margin compression, recent financial performance shows signs of recovery driven by price adjustments and cost control measures. Future growth is expected to come from organic expansion in underpenetrated regions, product innovation, and potential acquisitions.

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• Last week NVIDIA Corp (NVDA US) announced a 5 billion USD investment into Intel Corp (INTC US). 
• If the collaboration between the two tech giants is successful, it could lead to a revival of the entire Intel supply chain.
• AEM (AEM SP) has historically been closely linked to Intel, so any revival of Intel has the potential to benefit AEM substantially.

• Press reports indicated that China could temporarily suspend purchases of BHP’s iron ore from Jimblebar, which could account for a mid-single digit percentage of revenue
• The UK press reported Geraldine Slattery will likely be BHP’s new CEO, who currently heads BHP’s Australian operations and has over three decades with the company
• BHP is 4% above our DCF, its 2.8x P/B is not clearly excessive or attractive, and we see risks to iron ore, copper and coal prices from a broad slowdown

• Cash Converters International (ASX:CCV) is a consumer finance company operating as a service provider, owner and franchisor of second-hand goods and financial services stores in Australia and internationally.
• CCV is currently executing a clearly stated growth strategy involving the reshaping of its personal finance business complemented by growing its corporately-owned store network through acquisition.
• The recent FY25 result was a strong representation of a business that is successfully transitioning and a good leading indicator of the changing business mix which should ultimately result in a business that is geographically broadened yet operating a simplified lending business, with a lower risk profile and improved growth funding optionality.

• Exide Industries is doubling down on lithium-ion cell and pack manufacturing with huge committed capex, while sustaining its dominant lead-acid franchise.
• The company’s strong cash flows from lead acid batteries are funding high-risk, high-reward bets on EV and renewable storage, positioning it as India’s only dual-chemistry energy storage leader.
• Execution risk in lithium-ion scale-up is high, but Exide’s brand equity provide a buffer. The story now hinges on whether early-mover advantage in Li-ion can translate into sustainable returns.

• Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.
• Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).
• Valuation & Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.

• Historical Context is Crucial: This report analyzes Xilinx Inc. as a standalone entity prior to its acquisition by Advanced Micro Devices (AMD), which was announced in October 2020 and completed in February 2022. Xilinx ceased trading on the NASDAQ post-acquisition. Therefore, this primer serves as a historical analysis of a foundational semiconductor company.
• Dominant FPGA Market Leader: Xilinx was the inventor of the Field-Programmable Gate Array (FPGA) and the market leader, consistently holding over 50% market share. Its primary competitor was Altera, which was acquired by Intel. The company’s core strength was its highly flexible and adaptive processing platforms that enabled rapid innovation across diverse, high-growth markets like data centers, 5G communications, automotive, and aerospace & defense.
• Strategic Pivot to Platform Company: Under the leadership of CEO Victor Peng, Xilinx successfully transitioned from a chip supplier to a platform-centric company, focusing on high-growth areas like data center acceleration and AI inference. This strategy involved significant R&D investment and acquisitions to bolster its software and IP portfolio, leading to strong revenue growth in its targeted markets prior to the acquisition.

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• China Satellite Communications (China Satcom) is a core professional subsidiary of China Aerospace Science and Technology Corporation, holding a national basic telecommunications business license. It is the primary operator of satellite communications in China, with a fleet of geostationary satellites covering China, Southeast Asia, South Asia, the Middle East, Africa, Europe, and the Pacific.
• The company’s revenue streams are primarily derived from satellite resource leasing and value-added services, including broadcasting, telecom, corporate, and government applications. While revenue has seen a slight decline in recent years, the company maintains a strong market position within China.
• The global satellite communication market is projected to experience significant growth, driven by the increasing demand for high-speed internet, particularly in remote areas, and the expansion of applications in the military, aviation, and maritime sectors. This presents both opportunities and challenges for China Satcom as the industry landscape evolves with the rise of LEO constellations and new technologies.

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• Transformation into a Diversified FMCG Major: Tata Consumer Products (TCPL) is aggressively diversifying beyond its core tea and salt businesses, moving into higher-growth categories like packaged foods (Tata Sampann), snacks (Tata Soulfull), and ready-to-drink beverages. Recent acquisitions of Capital Foods (Ching’s Secret, Smith & Jones) and Organic India significantly expand its total addressable market and enhance its presence in high-margin segments.
• Strong Brand Equity and Distribution as Key Moats: The company leverages the immense trust associated with the ‘Tata’ brand, providing a significant competitive advantage. Its extensive distribution network, reaching millions of retail outlets, combined with a growing e-commerce presence, creates a formidable barrier to entry and a platform to scale new product launches and acquisitions effectively.
• Focus on Premiumization and Innovation Driving Growth: TCPL is strategically focused on premiumizing its portfolio across categories, such as value-added salts and premium tea variants, to capture evolving consumer preferences and improve margins. A consistent pipeline of new product launches, particularly in health and wellness, caters to modern consumer trends and is a key driver of future growth.

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• Leading Digital Bank and Auto Financier: Ally Financial holds a strong position as the largest all-digital bank in the U.S. and a dominant player in the automotive finance market. This dual focus provides diversified revenue streams and a solid customer base.
• Financial Performance and Shareholder Returns: The company has demonstrated a commitment to shareholder returns through consistent dividend payments. Recent financial performance shows a significant rebound in Q2 2025, with adjusted EPS beating analyst expectations, driven by an expanded net interest margin and disciplined cost control.
• Navigating a Challenging Environment: Ally faces headwinds from intense competition in the financial services industry, potential economic downturns impacting loan performance, and a dynamic regulatory landscape. The company’s reliance on the auto lending market also exposes it to risks associated with this specific sector.

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• Everbright Securities is a prominent, state-affiliated financial services firm in China with a comprehensive business model spanning wealth management, investment banking, and asset management.
• The company’s financial performance is inherently tied to the volatility of China’s capital markets, as evidenced by recent declines in revenue and net income following periods of strong growth. Regulatory shifts and intense domestic competition are key factors influencing its operational landscape.
• Strategically, the firm is focused on optimizing its capital structure and expanding into higher-margin businesses like institutional brokerage and wealth management to navigate the highly fragmented and competitive domestic market.

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• The one-week lemon shortage did not impact the stock price.
• The stock price has plunged for three months to HK$395 from the peak HK$618.
• The revenue growth and the margin were healthy in 1H25.

• Market Leader with Robust Order Book: Larsen & Toubro is a dominant player in India’s engineering and construction (E&C) sector with a record order book of ₹6.1 lakh crore as of June 2025, providing strong revenue visibility. A significant 46% of this order book is from international markets, particularly the Middle East, indicating successful geographical diversification.
• Diversified Business Model Mitigates Risk: The company operates a well-diversified model across Infrastructure, Energy, Hi-Tech Manufacturing, IT & Technology Services (through LTIMindtree and L&T Technology Services), and Financial Services. This structure allows L&T to capture growth across various economic sectors and mitigate risks associated with the cyclicality of the E&C industry.
• Strategic Focus on High-Growth Areas: L&T is strategically positioning itself for future growth by focusing on high-margin areas like green hydrogen, smart city technology, defense manufacturing, and digital services. The company’s new five-year plan emphasizes deepening its strengths in India and the Middle East while exploring these new, technology-driven opportunities.

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• The Trump administration’s announcement of U.S. $100,000 fee for new H-1B petitions  triggered anxiety, travel confusion, and immediate negative market reaction for Indian IT names.
• Tech workers in the US report heightened hostility, reluctance to travel, and SMB clients unable to absorb fees risk reduced sponsorship, higher attrition, and retention challenges.
• While there may be limited short-term P&L impact, but structural threats — including the HIRE Act — could reshape delivery models, near-shoring, and pricing over 6–18 months.

• MetaOptics is a vertically integrated, early-stage company specializing in metalens technology, a revolutionary approach to optics with the potential to disrupt various industries by replacing traditional bulky lenses with ultra-thin, lightweight, and efficient alternatives.
• The company recently debuted on the Singapore Exchange (SGX) Catalist board, making it the first pure-play metalens company to go public. The IPO proceeds are intended to fund research and development, business expansion, and strategic partnerships.
• While MetaOptics holds a strong global market position, ranking 5th by revenue among metalens companies, it faces significant risks, including a history of losses, reliance on a limited number of suppliers, and the nascent stage of mass production for its metalens prototypes.

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• With a 50% tariff imposed on India by the US, Vietnam’s factories have now become the busiest in the region. Our textile stocks have rallied slightly in response to this. 
• Corroborating Vietnam’s strength was Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season, and now recently Nameson Holdings (1982 HK) and Stella International (1836 HK) 
• Nameson Holdings (1982 HK) trades at 6x PE trailing with a 13% dividend yield. However, as we enter peak season with busy factories, we believe the situation could improve significantly. 

• Context: The Westpac Banking (WBC AU) vs. VanEck Australian Banks (MVB AU) price-ratio has deviated more than two standard deviations from its one-year average.
• Highlights: The dislocation highlights the recent outperformance of Westpac vs. some of its peers, pointing to a potential underweight in a portfolio context.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

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• Altona Rare Earths is the successor to Altona Energy, which listed on AIM in 2005.
• A new management team has wisely shifted the focus to critical minerals and decided to focus on the Monte Muambe Rare Earth Project, as it could quickly move into production.
• Altona is being led by Africa-based CEO Cédric Simonet, who has an in-depth knowledge of the continent’s resources projects and is a trained geologist.

• Weak travel growth getting weaker, now years out from steepest part of recovery
• Most airlines & hotel chains have benefitted little from improved travel demand
• In recent months, appears momentum shifting back to travel intermediaries 

• AvePoint is a dominant software provider for data management within the Microsoft ecosystem, capitalizing on the global shift to cloud-based collaboration and increasingly stringent data governance requirements.
• The company has demonstrated a strong growth trajectory, marked by consistent double-digit revenue growth and a significant shift towards a recurring SaaS model, which now constitutes the majority of its revenue.
• After a history of net losses, AvePoint has recently achieved quarterly profitability and is generating robust operating and free cash flow, signaling a pivotal inflection point in its financial performance.

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• Genic is a turnaround story. Genic is one of the largest ODM companies that make beauty face masks in Korea. 
• Genic is one of the biggest suppliers of hydrogel based face masks of the Biodance brand which has been experiencing an excellent demand in global markets, including the United States. 
• Despite surging growth in sales and profits, valuation multiples remain reasonable. It is trading at EV/EBITDA of 12.7x and P/E of 14.2x, based on recent prices and LTM financials. 

• Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.
• Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.
• Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently eight pair trade opportunities across four markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Generac Holdings, Inc., in its second quarter of 2025 earnings call, reported net sales of $1.06 billion, marking a 6% increase compared to the prior year.
• The growth was driven by a rise in commercial and industrial (C&I) product sales and residential energy storage system shipments.
• Residential product sales increased by 7% due to notable growth in residential energy technology solutions and portable generators.

• Context: The National Australia Bank (NAB AU) vs. VanEck Australian Banks ETF (MVB AU) price-ratio has deviated more than two standard deviations from its one-year average.
• Highlights: The dislocation highlights the recent outperformance of NAB vs. some of its peers, pointing to a potential underweight in a portfolio context.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• FedEx Corporation recently announced its first-quarter results for fiscal 2026, presenting a mixed bag of positives and challenges.
• On the revenue side, the company showed a 3% year-over-year increase, primarily driven by strength in the U.S. domestic package services.
• Despite this growth in revenue, FedEx faces continuing headwinds from global trade uncertainties and the expiration of a significant contract with the U.S. Postal Service, which together posed a notable financial impact.

• Intel is suddenly at the center of a high-stakes drama.
• Just this month, the Trump administration reversed its public criticism of CEO Lip Bu Tan—who had been accused of being “conflicted” due to his past China ties—and moved into “constructive discussions” about a possible government equity stake in the company .
• That shift followed a White House meeting that apparently reset the tone, with Trump calling Tan’s journey “amazing” after once demanding his resignation .

• The latest Fed’s rate cut will directly impact the US residential market.   With 2 more rate cuts expected in 2025, it will unlock a new cycle for homebuilders
• D.R. Horton is the strongest and most resilient player among the US homebuilders.   We think it is well positioned to capture the tailwind from the interest rate cut cycle
• D.R. Horton also demonstrates strong capital management, increasing its dividend and established a share repurchase program over the years

• Concerted rate increase on Sept 1 failed, deep sea rates are still falling
• Carrier revenues in July-August down ~40% Y/Y, W Coast volumes weak
• We retain our -ive view on container shipping, seek opportunities to Short

• Expansive Exploration Ventures in Northern Chile Southern Copper is currently engrossed in a meticulous ground study of its Especularita copper-gold project, located within the metallic-rich coastal belt of northern Chile.
• Spread across 19,076 hectares, the Especularita project encompasses both exploration and mining ventures, either granted or in the process of being so.
• The firm further boasts rights to potentially secure full ownership of the project.

• At current valuation level, leading biotech listed in Hong Kong have generally “overdrawn” their performance for the next 1 to 3 years. So, it is time to consider taking profits.
• TransThera’s shares have been highly volatile following their inclusion in several innovative-drug ETFs. We analyzed the drivers behind this move. With valuation now diverging from fundamentals, we advise caution.
• The fluctuations of Duality’s shares were driven by the inclusion of HSCI. However, some funds chose to take profits at high stock prices, thus Duality is under pressure of correction.

• IPO leaves upside on the table: Priced at HK$71.6/sh (~US$24.1bn EV), Zijin Gold lists at ~8× 2026E EV/EBITDA — in line with peers despite offering far stronger growth.
• Fastest-Growing gold major challenger: Output set to rise ~20% CAGR to 2027E (2.1Moz), versus flat-to-low growth for Newmont, Barrick, and peers.
• Fair value HK$95/sh (+33%): Base case target on 2026E EBITDA at 8× peer multiple; risks include gold price volatility, execution of Wassa/Sepon/Raygorodok ramps, and governance overhangs.

• NVIDIA will invest $5 billion in Intel’s common stock at a purchase price of $23.28 per share
• Intel will supply custom x86 server CPUs to NVIDIA, who in turn will sell RTX graphics cores to Intel to combine into an new type SOC for the PC market 
• Under sustained questioning during the Q&A, Jensen did a remarkable marketing pitch for TSMC, drowning any hopes of a looming Intel Foundry deal for the foreseeable future

• Jumia, dubbed the “Amazon of Africa,” had a highly anticipated IPO in April 2019 but has not met expectations since listing
• The company aimed to revolutionize e-commerce in Africa but has faced challenges in profitability and implementing Western business models
• Despite initial hype and investments from blue chip firms, Jumia’s struggles serve as a cautionary tale about transposing Western ideas onto the African continent

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• UiPath’s second-quarter fiscal 2026 financial performance reflects a mix of positive results and challenges.
• The company exceeded the high end of its guidance across key financial metrics, indicating robust execution.
• With an annual recurring revenue (ARR) increase of 11% to $1.723 billion and revenue growth to $362 million, UiPath illustrates strong market demand and operational efficiency.

• Meta Platforms has taken another bold step in its augmented reality (AR) journey with the announcement of its $800 Ray-Ban smart glasses featuring a built-in display, gesture-based control via a Neural Band wristband, and AI integration.
• Unveiled at its September 2025 Connect conference, these glasses aim to transition the market from novelty wearables to daily-use smart devices.
• With over 2 million units of the prior Ray-Ban model sold since 2023, Meta is pushing hard to capitalize on its dominant 60% market share in smart glasses.

• MegaChem reported mixed financial results for 1H2025. 
• The Group’s 1HFY25 revenue declined slightly by 1.7% YoY to S$64.1 million, while gross profit improved 3.6% YoY to S$16.1 million.
• The Group’s overall gross margin increased from 23.8% in 1HFY24 to 25.1% in 1HFY25. 

• IonQ has emerged as one of the most ambitious players in the quantum computing space, recently doubling down on both compute and networking strategies.
• Its Q2 2025 earnings call showcased a slew of high-profile announcements, including the strategic acquisition of Capella, formation of a Quantum Networking division, and a landmark $1 billion investment from Susquehanna.
• But even more intriguing are IonQ’s acquisition plans: the company has already announced the planned acquisition of Oxford Ionics and is reportedly in talks with Vector Atomic.

• Hanwha Aerospace has scaled into Asia’s top defense prime, with Land Systems (K9, Chunmoo, Redback) driving >30% OP margins and consolidated revenues compounding ~30% annually.
• A ₩31.7 tn orderbook (~4x sales) anchored in Poland, Australia, and Romania underpins multi-year growth visibility, with Ocean adding LNG/naval scale and Systems providing electronics integration.
• Hanwha trades in line with peers (~19× P/E, ~16× EV/EBITDA); upside hinges on backlog execution, while governance and ESG risks cap multiples.

• For the first time in more than two decades, GE Aerospace has reclaimed an all-time high, marking a milestone that investors had nearly written off.
• On September 17, 2025, shares of GE Aerospace closed at $292.97 after touching $294.74 intraday, breaking past the prior record set in August 2000.
• The stock’s rally has been nothing short of dramatic, climbing about 72% year-to-date and beating the S&P 500 by roughly 84 percentage points, largely on the back of surging commercial jet demand.

• Broadcom Inc.’s recent financial results reflect significant developments within the technological landscape, with notable growth, strategic advancements, and some areas of slow recovery.
• Positively, Broadcom reported a substantial increase in revenue for its third quarter of fiscal year 2025, achieving a record $16 billion, a 22% rise year-on-year.
• This growth was propelled primarily by the strength of its AI semiconductor business and continuing expansion with VMware.

• China’s analog chip probe and revived Nvidia antitrust case are part of a deeper strategy to force foreign tech out of its supply chain.
• Nvidia’s China-only B40 flops, with buyers preferring grey market alternatives. Meanwhile, Domestic chipmakers like Novosense and SG Micro have rallied sharply as procurement tilts inward.
• If Beijing blocks Nvidia’s B30A next, it could mark a full commercial exit. U.S. peers like TXN, AMD, and Synopsys may also not be far behind.

• Nvidia takes a $5B stake in Intel and will co-develop custom x86 CPUs for data centers and RTX-integrated SoCs for PCs.
• The phrasing of “fusion of two world-class platforms” signals ambitions beyond just product collaboration. 
• Intel shares surged +30% on the news, while AMD and Arm slumped; toolmakers like ASML and Synopsys rallied on expectations of fresh CapEx.

• Northern Arc is fast shifting toward direct retail Lending (D2C), while leveraging originator partnerships and technology; recent rate cuts and regulatory relief are improving cost of funds & capital efficiency.
• Northern Arc’s mix of structured finance, co-lending, and fund management creates steady fee income, making it more resilient than traditional NBFCs relying mainly on heavy lending assets.
• Northern Arc is a differentiated NBFC benefits from inclusion & fintech growth, but valuation relies on retail execution, risk control, and asset quality pressures.

• ZIM Integrated Shipping Services reported its second quarter 2025 financial results during a period characterized by severe market disruptions primarily due to tariff changes in the U.S.
• Despite these challenges, the company leveraged its modernized fleet and improved cost structure to generate revenue of $1.6 billion, a net income of $24 million, and an adjusted EBITDA of $472 million.
• The adjusted EBITDA margin stood at 29%, while the adjusted EBIT margin came in at 9%.

• GE Vernova, a recent spin-off from General Electric, has seen its stock skyrocket nearly 5x since its separation in April 2024.
• With the company now trading around $628 and an analyst target pushing it to $740, investor enthusiasm is boiling over.
• The latest catalyst?

Key points (machine generated)

• Pitney Bowes is trading at approximately 5x free cash flow after appointing Kurt Wolf as CEO.
• The company has transformed from a distressed credit to a cash-generating entity with growth catalysts like increased share repurchases.
• Despite positive changes, the stock is undervalued with a 20% levered FCF yield, indicating potential for both short-term and long-term growth.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• After sinking to 10-year lows in January,  Health And Happiness (H&H) ’s stock has rebounded more than 75%, raising the question of whether operations are finally turning the corner.
• With signs of stabilizing growth and improving returns across product categories, 1H2025 results seem to signal the end of years of investor agony.
• Nutritional supplements now contribute to 65% of H&H’s revenue – Swisse’s strong positioning in the fast-growing anti-aging category underpins future growth.

• The Fed announced a 25bps rate cut, which is largely anticipated by the market.  The SEP median estimate indicates 2 more cuts in 2025
• Regarding HK policy address, there are no meaningful positive surprise related to the property market.  It highlights the importance of Northern Metropolis development, and improving home ownership, and talent admission
• Investors should see-through these and focus on big picture: macro developments, monetary policy, and sector fundamentals.  Pick company with attractive valuation and catalysts: NWD, Link REIT, CICT, COLI, VNET, GDS

• The geopolitical tech battle between the U.S. and China has taken a sharp turn—and Nvidia is now squarely in the crosshairs.
• In a significant escalation, China’s State Administration for Market Regulation has launched an antitrust probe against Nvidia, claiming the chipmaker violated monopoly laws during its $7 billion acquisition of Israeli firm Mellanox Technologies.
• The regulator’s preliminary findings come at a delicate moment as U.S. and Chinese officials wrap up high-stakes trade talks in Madrid.

• The race toward quantum advantage is entering its most critical phase, and IBM has quietly positioned itself as the frontrunner in a highly competitive field dominated by tech giants like Google, Microsoft, and Amazon.
• In its Q2 2025 earnings call, IBM confirmed a major milestone: the deployment of IBM Quantum System Two in Japan, the first such system outside the United States.
• This isn’t just a milestone in hardware—it signals IBM’s intent to establish global leadership in quantum computing infrastructure.

• China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.
• If gold rally continues, Chow Tai Fook Jewellery (1929 HK) faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.
• Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.

• Context: The Alibaba (9988 HK) / Hang Seng Index (HSI INDEX) price-ratio deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long the Hang Seng Index and short Alibaba (9988 HK) targets a 12% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Ciena Corporation delivered strong results in its fiscal third quarter of 2025, showcasing significant top-line growth and improved profitability metrics.
• The company reported revenues of $1.22 billion, outpacing the high end of its guidance and representing a 30% increase year-over-year.
• The gains were driven by broad-based demand, particularly from cloud providers and service providers, with reported strong orders setting a new quarterly record for Ciena.

• A financial group backed by Alibaba Group founder Jack Ma has made a major foray into digital assets, investing $44 million to acquire 10,000 units of Ether, the native token of the Ethereum blockchain.
• Yunfeng Financial Group Ltd., a Hong Kong-listed company in which Ma holds an 11.15% stake, disclosed the acquisition in a regulatory filing Tuesday. The company said it purchased the Ether on the open market using internal cash and would classify the asset as a long-term investment on its financial books.
• The purchase marks a growing trend of publicly traded companies adding cryptocurrencies to their balance sheets, a strategy known on Wall Street as digital asset treasury, or DAT.

• Rubrik’s recent quarterly performance showcased a notable blend of robust growth and strategic initiatives, presenting both opportunities and challenges for investors.
• Key positives highlighted in the earnings call include impressive top-line growth and strong financial metrics.
• The company reported a 36% year-over-year increase in subscription Annual Recurring Revenue (ARR), reaching over $1.25 billion.

• Samsara Inc. has demonstrated considerable growth in the second quarter of fiscal 2026, with key financial metrics reflecting the company’s strong market position and strategic direction.
• The company reported an Annual Recurring Revenue (ARR) of $1.6 billion, representing a 30% year-over-year increase.
• Notably, customers contributing over $100,000 in ARR accounted for nearly $1 billion, growing by 35% from the previous year.

• Sprinklr, a company specializing in customer experience management software, reported $212 million in total revenue for the second quarter of fiscal year 2026, marking an 8% year-over-year growth.
• Subscription revenue accounted for $188.5 million, reflecting a 6% increase.
• The company achieved a record $38.2 million in nonGAAP operating income, resulting in an 18% operating margin, indicating improved cost management.

• Docusign continues to demonstrate resilience and innovation as evidenced in its Q2 Fiscal 2026 performance.
• Revenue reached $801 million, marking a 9% year-over-year growth, with billings up by 13% year-over-year to $818 million.
• The company’s strategic focus on platform innovation, particularly through its AI-native Docusign Intelligent Agreement Management (IAM) platform, has contributed positively to this growth.

• GitLab’s second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.
• The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.
• Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

• Chewy’s latest financial performance in the second quarter of fiscal year 2025 showcased solid growth, with net sales increasing by approximately 9% year-over-year to $3.1 billion, surpassing the upper end of the company’s guidance range.
• This growth is particularly noteworthy in a market environment characterized by low to midsingle-digit industry growth, highlighting Chewy’s ability to capture market share.
• The company’s Autoship program, especially in consumables and health categories, played a significant role, generating $2.58 billion in customer sales and constituting 83% of total sales for the quarter.

• Toto stock price -16% over past year vs index +24% as China growth story collapses. Restructuring China ops; targeting breakeven FY3/27
• New growth drivers: US capacity buildout underpins Americas sales growth, while electrostatic chucks beneficiary of SPE spend
• Stock trading at 30% discount to historical average and deep discount to global peers

• The Singapore’s interest rate, 3M SORA, has declined steeply from 3.034% in January to 1.563% in September
• The steep decline in interest rate will directly benefit S-REITs, through reduced borrow cost, more attractive valuation, as well as stabilizing cap rates to support book valuation
• Among S-REITs, we think CICT SP, with its portfolio mostly Singapore assets, will benefit the most from this structural trend

• Indegene is shifting from transactional work to large-scale, transformative “Tectonic” deals, securing over US$1 million from two paid pilots in Q1 FY26.
• This pivot moves the company up the value chain, creating a durable competitive moat and positioning it as a strategic partner, not just a vendor.
• Indegene’s strong balance sheet and focused M&A strategy will likely accelerate this high-value growth, cementing its role as a key player in pharma’s digital future.

• Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.
• Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.
• This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.

• While Rubrik reported all key operating metrics and cash flow above expectations for 2Q’FY26, shares sold off over 10% on heavy volume.
• +35% y/y 3Q’FY26/+25% y/y 4Q’FY26 revenue growth guide raises questions about next FY27, in my view. Rubrik stock continues to trade at a premium valuation.  
• Given the trends in the quarter and guidance, I believe the cybersecurity company can achieve and sustain 25%+ y/y revenue growth in FY26, FY27 and FY28.

• Buy Case: ~20% CAGR growth to 2027E, SOE backing, and potential index inclusion make Zijin the fastest-growing gold producer globally.
• Sell Case: At $40bn, Zijin trades at major-level multiples with mid-tier reserve depth, raising questions on sustainability.
• Swing Factor: Gold price trajectory and flawless execution in Ghana, Laos, and Kazakhstan will determine if the IPO clears closer to the low or high end of the range.

• Funding not a hurdle: Promoter strength provides comfort despite past negative precedents.
• Valuation undemanding: Entry at ~US$440–475/t is below replacement cost and past cycle-peak deals.
• Execution heavy: Success depends on managing restructuring, integration, and EU policy commitments.

• Wells Fargo & Company, in its second quarter of 2025 results, showcased a balanced mix of progression in growth strategies and sustained financial discipline.
• The net income of $5.5 billion, translating to $1.60 per diluted share, was an improvement from both the previous quarter and the same period last year.
• This growth indicates consistent execution amidst a transitioning phase post asset cap removal.

• Bank of America Corporation reported robust second-quarter results that highlight strong organic growth across its varied business segments.
• The bank saw a 4% year-over-year increase in revenue, reaching $26.6 billion, alongside a 7% growth in net income to $7.1 billion.
• Earnings per share increased by 7%, reflecting effective cost management and growth strategies.

• Starlink’s Direct-to-Phone Semiconductor Integration Push Signals a Major Shift Coming for Telecom
• Direct-To-Satellite Connectivity Could Become Critical for a Market-Competitive Smartphone SoC Design
• Leadership in Satellite Connectivity Will Soon Mean Leadership in Smartphone SoCs